12,647 Shares in Tennant Company $TNC Acquired by Penn Capital Management Company LLC

Penn Capital Management Company LLC acquired a new stake in shares of Tennant Company (NYSE:TNC) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 12,647 shares of the industrial products company’s stock, valued at approximately $850,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Tennant in the second quarter worth approximately $236,255,000. Gamco Investors INC. ET AL increased its position in shares of Tennant by 40.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 706,400 shares of the industrial products company’s stock valued at $46,905,000 after purchasing an additional 203,802 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Tennant by 8.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 634,158 shares of the industrial products company’s stock valued at $42,106,000 after purchasing an additional 49,136 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Tennant during the 2nd quarter valued at $28,562,000. Finally, Gabelli Funds LLC raised its stake in shares of Tennant by 11.6% in the 1st quarter. Gabelli Funds LLC now owns 199,700 shares of the industrial products company’s stock worth $13,260,000 after buying an additional 20,808 shares in the last quarter. Institutional investors own 93.33% of the company’s stock.

Wall Street Analysts Forecast Growth

TNC has been the topic of a number of research reports. Wall Street Zen raised Tennant from a “hold” rating to a “buy” rating in a research note on Saturday. Freedom Broker raised Tennant from a “hold” rating to a “buy” rating and raised their target price for the company from $77.00 to $85.00 in a research note on Thursday, November 5th. UBS Group set a $85.00 target price on Tennant in a report on Thursday, November 5th. Weiss Ratings cut shares of Tennant from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, September 11th. Finally, Zacks Research upgraded shares of Tennant from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 5th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Tennant presently has a consensus rating of “Hold” and a consensus price target of $87.00.

Tennant Stock Up 0.8%

NYSE TNC opened at $75.05 on Wednesday. Tennant Company has a 12 month low of $60.17 and a 12 month high of $91.93. The company has a market capitalization of $1.28 billion, a P/E ratio of 17.73, a PEG ratio of 2.61 and a beta of 1.14. The company’s 50 day simple moving average is $68.08 and its 200 day simple moving average is $75.70. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.18 and a quick ratio of 1.46.

Tennant (NYSE:TNC) last issued its earnings results on Monday, November 2nd. The industrial products company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.42. The firm had revenue of $322.30 million during the quarter, compared to analysts’ expectations of $330.75 million. Tennant had a net margin of 1.85% and a return on equity of 13.30%. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period last year, the firm posted $1.46 earnings per share. Equities research analysts expect that Tennant Company will post 4.07 earnings per share for the current fiscal year.

Tennant Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be given a dividend of $0.3250 per share. This is a boost from Tennant’s previous quarterly dividend of $0.31. The ex-dividend date is Monday, November 30th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 1.7%. Tennant’s payout ratio is currently 92.54%.

Insider Activity at Tennant

In related news, Director Patrick Allen acquired 3,000 shares of the business’s stock in a transaction dated Monday, August 31st. The stock was bought at an average price of $69.42 per share, for a total transaction of $208,260.00. Following the transaction, the director owned 4,927 shares of the company’s stock, valued at approximately $342,032.34. The trade was a 155.68% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.50% of the company’s stock.

Tennant Company Profile

Tennant Company designs, manufactures and markets equipment and solutions for commercial and industrial cleaning. Its products include floor scrubbers and sweepers, vacuum cleaners, carpet extractors and autonomous cleaning machines, along with cleaning technologies, replacement parts and related services. The company serves customers in sectors such as manufacturing, healthcare, retail, education and transportation. Its offerings support both routine facility maintenance and specialized cleaning needs, and Tennant sells and services its products in markets around the world.